MSX closes the week up 38.129 points

MUSCAT: MSM30 Index ended the week up 38.129 points, representing an increase of 0.79 per cent.

Oman Cement announced that it has received intimation from one of its major shareholders, namely Investment Authority SPC (IA), that IA has entered into a sale purchase agreement (SPA) with Huaxin (Hong Kong) International Holdings Limited, a wholly-owned subsidiary of Huaxin Cement Co LTD., (Huaxin) for the sale of IA’s entire shareholding in the Company to Huaxin, comprising 59.58% of the issued capital of the Company.

The longstop date for completion of the transaction is June 1, 2023 subject to certain conditions, including regulatory approvals. Pursuant to the Share Purchase Agreement, the initial consideration payable at completion shall be $193.1mn which corresponds to 59.58% of the equity value of the Company as of December 31, 2022.

Leading Singapore-headquartered energy and urban solutions company, Sembcorp Industries, has announced that it has, through an 80 per cent-owned joint venture to be set up by its wholly owned subsidiary Sembcorp Utilities with Jinko Power Technology, received an award by Oman Power and Water Procurement Company (OPWP) to build, own and operate the Manah Solar II Independent Power Project (IPP) in Manah, Sultanate of Oman. The 500MW solar plant is expected to be operational by 2025 and will be backed by a 20-year power purchase agreement with OPWP.

Oman Real Estate Investment and Services LLC (ORIS), the real estate arm of Oman International Development and Investment Company (Ominvest), has unveiled details of its latest project in Madinat Al Erfan, named 'La Vie', which translates to 'The Life' in French. The project was announced during Ominvest's 40th anniversary celebrations.

Raysut Cement, one of the largest cement producers in Oman, has announced a revised net loss incurred by the Group for the financial year 2022 to RO 97.634 million, up from RO 90.924 million in initial unaudited financial results earlier this year.

Oman's domestic production of natural gas, including imports, increased by 14.6 per cent until the end of January 2023 to reach 4.35 billion cubic metres, compared to 3.95 cubic metres during the period in 2022. The data issued by the National Centre for Statistics and Information (NCSI) indicated that the production of associated gas increased by 11.7 per cent to reach 909 million cubic metres, while the production of non-associated gas, including imports, increased by 15.3 per cent to reach 3.62 billion cubic metres. Natural gas consumption increased in oil fields was 19.9 per cent, followed by industrial zones at 19 per cent, industrial projects at 13 per cent, and gas consumption in power plants increased by 11.6 per cent.

The volume of trade exchange between the Sultanate of Oman and Jordan during the year 2022 amounted to about $127.6 million, down by $25 million compared to 2021, according to data issued by the Jordanian Department of Statistics. The data showed that the value of exports from the Sultanate of Oman to Jordan amounted to $57.4 million last year, compared to $79.4 million in 2021.

Vodafone Oman – which began its commercial operations a year ago – has gained seven per cent market share in the sultanate’s telecom market with its subscriber base reaching nearly half a million. The sultanate’s third mobile network operator is marking its one-year anniversary, laying out a bold roadmap for the future. Since commencing commercial operations as the first 100 per cent digital telecom operator, Vodafone Oman has ensured customers consistently enjoy an elevated connection with the brand and its propositions. Achieving 96 per cent of its subscriber base target, and 109 per cent of its EBITDA (against its 2022 budget), Vodafone Oman closed the year 2022 with more than 450,000 customers, capturing approximately 7 per cent of the market against an initial target of 5 per cent. (Courtesy: U-Capital]